Exploration and development company Okapi Resources (ASX:OKR) reports it has uncovered ‘high-grade’ uranium results from 21 rock samples collected at the Maybell Uranium Project located in Colorado, US.
The company says the rock samples collected from outcrops of exposed and mineralised Upper Brown’s Park Formation tuffaceous sandstone have returned 5 assay values greater than 1,000 parts per million (ppm) uranium (U3O8). This includes up to 45,100ppm (4.51%) U3O8 and 687ppm molybdenum (Mo), a metal reported to occur with uranium mineralisation in the district.
Meanwhile, Okapi also reports it has continued to further consolidate its position at Maybell, acquiring full ownership of 45 new mining claims, and 1 state mineral lease. The company states this acquisition ‘greatly improves’ its coverage of a recognised uranium trend at Maybell, which previously produced over 5.3 million pounds (Mlbs) at an average grade of 1,300ppm U3O8.
Okapi Resources Managing Director Andrew Ferrier says the company is excited by both the consolidation and recent exploration results at Maybell.
“Maybell has potential to be a significant project as the uranium renaissance in the US continues to build. The next steps at Maybell include reviewing and analysing the recently acquired data package ahead of implementing exploration and drilling programs to validate existing mineralisation and delineate additional mineralisation and evaluate the potential of developing a shallow open pit operation.”
“Maybell has potential to be a significant project as the uranium renaissance in the US continues to build”
In addition to the sampling results and consolidation, Okapi reports it has secured access to an ‘extensive’ historical database which includes exploration and geological reports, more than 400 electric logs, as well as detailed maps and mineralisation tabulations.
This database also includes design, construction and operational data from US chemical corporation Union Carbide’s mining and uranium production operations.
Okapi reports it is currently in the process of developing its databases from historical information and has engaged an engineering firm to commence work in Q1 2023.
This work includes undertaking a ‘high-level’ study to identify the ‘significant’ potential and next steps around the project moving forward. The company anticipates it will lodge drilling permits in the first half of 2023, with drilling expected to start later in the year.
The Maybell project is located in the US state of Colorado and covers a ‘large’ area following the Brown’s Park Formation. Union Carbide operated a series of shallow open pits in the Maybell district along a 2km strike between 1954 and 1964.
Records from this time show the mines produced about 4.7Mlbs of U308 at an average grade of 1,300ppm U3O8. Union Carbide also operated an on-site mill between 1958 and 1964 which produced between 500,000lbs and 720,000lbs U3O8 per year.
Okapi Resources is a North America-focused exploration and development company with a portfolio of advanced, ‘high-grade’ uranium projects across the US and Canada.
These projects include the Tallahassee, Rattler and Maybell uranium projects in the US and the Athabasca Basin Projects in Canada. Okapi also holds the Enmore Gold Project in the New England Fold Belt of New South Wales.
Images: Okapi Resources Ltd
